Private medical insurance(PMI), is designed to cover the cost of private medical treatment and often leads to faster consultation, diagnosis and if required, treatment.
But how do you decide if it’s right for you?
Here are four key questions to consider to help you:
– Is the NHS enough?
The UK is lucky to have the NHS to provide free medical treatment at the point of use, so paying for PMI could be seen as a luxury. However, it is a perfectly legitimate choice for those who want to be seen more quickly and conveniently.
However, if you don’t really need to avoid waiting lists, or won’t benefit from faster consultations and treatment, then consider sticking with the NHS.
– What does PMI cover?
What a PMI policy covers will differ, but typically it will include:
- Tests or surgery as an inpatient or day patient
- Hospital accommodation and nursing care
- Outpatient tests, consultations and therapy
– What doesn’t it cover?
Again what is and isn’t covered will differ from policy to policy, but it is designed to cover treatment for acute conditions that start after your policy begins. Many chronic and pre-existing conditions are excluded. Do your research on what is and isn’t covered. If this makes the policy less attractive based on your needs, then it may not be right for you.
Some of the common exclusions include:
- Dental services
- Organ transplant
- Drug abuse
- Kidney dialysis
- Normal pregnancy
- Cosmetic treatment
– Could you self-insure?
If you’re generally fit and healthy you may prefer the idea of paying a set amount each year into a savings account, so if you need treatment you can dip into these funds. The upside? If you don’t claim then you’ll keep the cash.
Alternatively, you could consider a policy that only covers major hospital bills such as in/day patient treatment, and fund/self-insure the smaller out-patient bills yourself.
Visit Jelf.com to find out more about private medical insurance or to get in touch with a private medical insurance expert.